The Life Insurance Association, Singapore (LIA Singapore) has reported a 10.4% increase in total weighted new business premiums for the year-to-date third quarter of 2025, reaching S$4.76b. This growth reflects strong consumer confidence and a proactive approach by Singaporeans towards financial security. Financial Adviser Representatives, both independent and insurer-backed, played a significant role, securing S$50.8b in sum assured, which accounts for 44.3% of the total for the period.
The demand for annual premium policies surged by 19.9% compared to the previous year, totalling S$3.57b. Conversely, single-premium policies saw a decline of 10.8%, amounting to S$1.19b. LIA Singapore President Wong Sze Keed noted, “We are making steady progress in narrowing Singapore’s protection gap. Singaporeans are not just getting more financially savvy, they are also taking steps to become more adequately insured.”
Investment-linked policies maintained their popularity, comprising 43% of the total weighted new business premiums. Meanwhile, Integrated Shield Plans (IPs) continue to be a cornerstone of health insurance, with nearly 113,000 new IPs taken up in the first nine months of 2025. This brings the total number of lives covered by IPs to approximately 3 million, or 71% of Singapore residents.
Looking ahead, the industry remains optimistic, despite anticipated healthcare cost increases in 2026. The life insurance sector is committed to evolving its products to meet the community’s needs, ensuring sustainable and accessible healthcare for all.
